R Street: Plan to Shed Citizens Policies a Win for Taxpayers
The free-market supportive think tank R Street Institute has backed the move Monday by the Citizens Property Insurance Corp. board of governors to have Florida-based Weston Insurance Co. take over the approximately 31,000 personal residential, commercial residential and commercial nonresidential wind-only policies.
"This agreement is a win for Floridas taxpayers. Every policy that is transferred from Citizens to the private market reduces the likelihood or severity of post-hurricane taxes that could impact every Floridian," R Street Florida Director Christian R. Cara stated in a release. "However, the success of this and future take-out agreements depends on meaningful reforms by the Legislature to stop the current influx of new policies into Citizens."
The move, anticipated to reduce Citizens' coastal exposure by $30 billion, also reduces the potential for emergency assessments, which must be paid by all Floridians, by 11.9 percent.
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